Consumer Spending Up in April
Consumers were still shopping in April, though they were starting to look over their shoulders at rising gasoline prices, according to First Data's SpendTrend report. SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks.
Overall year-over-year transaction and dollar volume growth held steady in April. Transaction growth was 6.7%, identical to March’s growth. Dollar volume growth was 8.0% versus 8.1% in March. However, excluding gasoline stations, April dollar volume growth was 6.7%. Rising gas prices and a late Easter contributed to the steady growth in April.